Delivering the suitable options for hard-to-place dangers

As MJ Corridor celebrates its fiftieth anniversary in 2013, the corporate continues to develop good options for tough coverages and enhance its customer support, mentioned president John Donahue.

MJ Corridor is a generalist that provides a variety of options, from business packages to extra legal responsibility, and insurance coverage protection for earthquake injury, trucking strains, eating places, and hashish companies. Because of MJ Corridor’s success in these area of interest sectors, Insurance coverage Enterprise acknowledged it as one among its 5-Star Wholesale Brokerages and MGAs this 12 months.

It’s clear that MJ Corridor’s precedence is enhancing its relationship with prospects and retail brokers.

“I believe one of many issues we try this helps to fulfill the shoppers’ wants is our groups are very entrepreneurial,” mentioned Donahue in this interview. “Our brokers are commissioned brokers; they don’t generate income until they get the deal completed for his or her buyer. So, they’re very centered on discovering the suitable answer for the shopper.”

Donahue defined that MJ Corridor’s lead brokers are supported by groups, which allow them to construct robust relationships and reply promptly to retail brokers’ wants.

The enterprise has grown significantly due to hashish insurance coverage, a distinct segment the place MJ Corridor is likely one of the trailblazers.  

“If you happen to go a couple of years again, [cannabis] was one of many few video games on the town, so we knew it and acquired a repute for it. We understood what danger was and what a nasty danger was and easy methods to place it and who to interchange it with and what coverages to [provide],” he mentioned.

Because the competitors on this area of interest intensifies, Donahue has seen the emergence of extra choices for purchasers and higher expertise within the type of superior ranking and ease-of-use programs. One other development he has noticed is brokers’ larger understanding of the dangers and retailers’ larger data of the merchandise. This permits corporations like MJ Corridor to develop protection extra precisely in response to shoppers’ danger administration wants.

In such a posh market with excessive reinsurance prices, MJ Corridor stays optimistic about its capability to deal with hard-to-place dangers.

Donahue advises retailers to “be demanding about getting solutions rapidly …, particularly on this market as a result of you’ll want to be. You want a whole lot of work completed to put a few of these tougher dangers.”